Stocks rose on Wednesday, despite oil and gold hitting record highs, the dollar falling to a record low, and Ambac Financial's plunge.

The Dow gained +41.19, the Nasdaq Composite +12.53, and the S&P 500 +6.95.

Ambac Financial ( ABK | Quote | Chart | News | PowerRating) lost nearly 20% after the company announced plans to raise $1.5 billion and stop insuring mortgage-backed securities.

Big Lots ( BIG | Quote | Chart | News | PowerRating) was the biggest gainer in the S&P500 after the company beat estimates and raised guidance.

Chico's FAS ( CHS | Quote | Chart | News | PowerRating) lost nearly 14% after revenues fell short.

The dollar fell to a record low versus the euro, leading to broad commodity gains.

Crude oil rose above $104 for the first time, before closing at $103.83. Gold hit a record high and silver hit a 27-year high. Copper rose to a 21-month high and platinum rose.